Effective date (AASB137_08-15_COMPdec21_01-22)

This Standard becomes operative for annual financial statements covering periods beginning on or after 1 January 2018. Earlier application is encouraged for periods beginning after 24 July 2014 but before 1 January 2018. If an entity applies this Standard for periods beginning before 1 January 2018, it shall disclose that fact.

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AASB 2014-1 Amendments to Australian Accounting Standards, issued in June 2014, amended paragraph 5 in the previous version of this Standard as a consequential amendment derived from the amendment to AASB 3. An entity shall apply that amendment prospectively to business combinations to which the amendment to AASB 3 applies.

AASB 2014-5 Amendments to Australian Accounting Standards arising from AASB 15, issued in December 2014, amended the previous version of this Standard as follows: amended paragraph 5 and deleted paragraph 6. An entity shall apply those amendments when it applies AASB 15.

AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) (as amended) amended paragraph 2 in the previous version of this Standard. Paragraph 97, added by AASB 2010-7, was deleted by AASB 2014-1 Amendments to Australian Accounting Standards. Paragraph 98, added by AASB 2014-1, was deleted by AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014). An entity shall apply those amendments when it applies AASB 9.

AASB 16, issued in February 2016, amended paragraph 5. An entity shall apply that amendment when it applies AASB 16.

AASB 2018-7 Amendments to Australian Accounting Standards – Definition of Material, issued in December 2018, amended paragraph 75. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2020. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact. An entity shall apply those amendments when it applies the amendments to the definition of material in paragraph 7 of AASB 101 and paragraphs 5 and 6 of AASB 108.

AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments, issued in June 2020, added paragraphs 68A and 94A and amended paragraph 69. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2022. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.